IRS crackdown brings tax-evasion secrets to light

Caught in the ongoing U.S. crackdown on offshore tax evasion, the 70-year-old businessman acknowledged the maneuvers to federal prosecutors and tax authorities as he pleaded guilty in July to one count of filing a false tax return. Chernick faces an Oct. 30 sentencing at which he could get up to three years in prison and a fine as high as $250,000.